Industrial Petroleum Reserve Amendments Act of 1979

Industrial Petroleum Reserve Amendments Act of 1979 - Amends the Energy Policy and Conservation Act to direct the Secretary of Energy to establish a program for the creation and maintenance of an Industrial Petroleum Reserve as part of the Strategic Petroleum Reserve. States that such reserve shall consist of petroleum products acquired by refiners and importers and stored by them in readily available inventories, in an amount of at least 250 million barrels. Exempts such petroleum from any tariff or import license fees.

Exempts small refiners and importers from the provisions of this Act and authorizes the Secretary to exempt from this Act any refiner or importer who would otherwise incur special hardship or unfairness as the result of any rule or order issued under this Act.

Authorizes the Secretary to postpone the target dates established under this Act during a period of severe energy supply interruption.

Directs the President to resume the purchase of crude oil for the Strategic Petroleum Reserve no later than four months after the date of enactment of this Act and at a rate to achieve a total Strategic Petroleum Reserve, including the Industrial Petroleum Reserve, of 500,000,000 barrels by December 31, 1982.

Authorizes the Department of Energy to contract for construction of facilities needs to store the additional reserves.